Semiconductors
KLA posted double-digit revenue and net income growth in FY2026, fueled by AI-driven demand for process control, while navigating export restrictions and tariff headwinds.
Key risk: Export Controls and China Sales Restrictions
Evolving U.S. export controls, including the 2022/2023/2024/2025 BIS rules and the Affiliates Rule, restrict KLA's ability to sell advanced process control equipment to China-based semiconductor manufacturers, with China accounting for 30% of revenue; failure to obtain licenses could result in significant revenue losses and deposit refunds.
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